Sirius Satellite Radio Raises
New Cash, Eliminates Debt

Sirius Satellite Radio Inc. said it raised $200 million of cash and eliminated most of its debt thanks to new financing announced Thursday. Its stock rose 57%.

The move is an important step toward stabilizing the New York company, which is hoping to change radio the way DirecTV changed television by selling programming delivered by satellite. Sirius is unprofitable and has only about 14,000 subscribers and needs three million to break...